Financing in Tehachapi>Question Details

Bob, Home Buyer in Tehachapi, CA

Loan program for 20Ac plus house?? With full value for the 20Ac.

Asked by Bob, Tehachapi, CA Wed Oct 7, 2009

It seems that the ability to get a loan with full value for the 20Ac. varies--what is the current situation??

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Jenna Michaud-Bonyadi’s answer
Hi Bob,
Usually the appraiser assigned by the bank providing the loan will use comps that include other 20 acre properties with homes. In that case, the value of the 20 acres is included within the value of the property as a whole. The value of the land is usually not calculated separately unless using the replacement approach or construction loan. Bank of America will lend on 20 acres with home, as will most other major banks like Wells Fargo etc. Are you looking to purchase or refinance?
Good Luck,
Jenna Michaud-Bonyadi, broker/owner
Twin Horse Realty
0 votes Thank Flag Link Sat Oct 24, 2009
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